GST RETURNS

 GST RETURNS

Every person registered under the Goods and Services Tax Act, 2017 has to file return, Under the GST law, a normal taxpayer needs to file monthly returns and one annual return. similarly, there are separate returns for taxpayers registered under the composition scheme, a person liable to deduct or collect the tax (TDS/TCS)

All the returns have to be filed through online by using any of the following methods.

1. Through GSTN portal (www.gst.gov.in)

2. Through offline utilities provided by GSTN

3. Through GST Suvidha providers (GSPs)

GSTR 1 (Statement of outward supplies)

In GSTR -1, supplies made to the registered dealers as well as unregistered dealers has to be entered. If inter-state

 is made to an un- registered person, where invoice value is more than Rs. 250000/-, it has to be separately shown. Consolidated amount of Intra-State supplies made to un-registered persons for each rate of tax, exempted supplies, Nill rated supplies, Exports (including deemed exports) and non-GST, Advance, if any, received by the dealer and supplies made through e- commerce operator has to be shown separately. The supplier also has to mention the HSN (Harmonized system of Nomenclature) for Goods and SAC (Accounting code) for Services.

GSTR -2 (Statement of Inward supplies)

In GSTR-2, the details of inward supplies made from registered persons and unregistered persons has to be entered. Details of debit note/credit notes issued by the supplier, details of inward supplies attracting reverse charge has to be entered. Details of goods, Capital goods and services procured from outside India has to be reported. the details of total eligible input tax credit and input tax credit available in the current tax period has to be disclosed. Supples received from composition taxable persons, unregister persons and other exempt/NIL/non- GST supplies has to be reported separately.

GSTR -3 (Complete Return)

Every registered person, other than an Input Service Distributor, a non-resident taxable person, dealers paying tax under composition scheme and persons liable to deduct or collect tax (TDS/TCS) has to furnish a return electronically (the inward and outward supplies of goods or services or both, input tax credit availed, tax payable and tax paid details) on or before 20th of the month succeeding the tax period

    PROCESS OF RETURN FILLING

When the supplier reports the outward suppliers made by him in GSTR -1 and submit the same, the same will be auto populated in the receiver's inward supply in GSTR -2. However, the receiver can modify, delete or include data submitted by the supplier and re- submit the same from 11th to 15th of the month succeeding the said tax period

The supplier can either accept the modification, deletion or addition of data submitted by the recipient or reject the same. He has to do it on or before 17th, but not before 15th day of the month succeeding the tax period. However, the details furnished by the supplier and the return filed by the supplier is final.